摘要
近年来,随着我国“碳达峰碳中和”达标目标的提出,“绿色经济”持续深化,不但加快落实了经济社会的多方位绿色转型,也导致企业逐渐打破以往追求单一经济效益发展目标的僵局,将企业发展目标与社会效益紧密结合,ESG理念逐渐深入人心,给予企业价值创造新的思路。现有文献仅从企业ESG表现的角度考察对权益资本成本等企业效益指标的影响,而尚未有学者研究权益资本成本对企业ESG表现的影响。因此,本文以2011~2021年A股上市公司数据为样本,结合实证研究法构建回归模型,探究权益资本成本对ESG表现的影响机制。研究结论表明,权益资本成本正向影响企业ESG表现;异质性检验发现,相较于其他企业,地处中西部地区的非国有企业权益资本成本对企业ESG表现的正向影响程度越大。
In recent years, with China’s “carbon peak carbon neutral” goal, the “green economy” continues to deepen, not only to accelerate the implementation of the economic and social multi-dimensional green transformation, but also lead to enterprises gradually break the previous pursuit of a single economic efficiency development goals of the deadlock, the enterprise development goals and social benefits closely combined, the ESG concept has gradually taken root in people's hearts, giving enterprises new ideas for value creation. It has also led enterprises to gradually break the deadlock of pursuing single economic benefit development goal in the past, and closely combine enterprise development goal with social benefit, and the ESG concept has gradually taken root in people’s hearts, giving new ideas for enterprise value creation. Existing literature only examines the impact on corporate efficiency indicators such as the cost of equity capital from the perspective of corporate ESG performance, while no scholars have yet studied the impact of the cost of equity capital on corporate ESG performance. Therefore, this paper takes the data of A-share listed companies from 2011 to 2021 as a sample, and combines the empirical research method to construct a regression model to explore the impact mechanism of the cost of equity capital on ESG performance. The findings show that the cost of equity capital positively affects corporate ESG performance;the heterogeneity test finds that compared with other enterprises, the greater the degree of positive impact of the cost of equity capital on corporate ESG performance of non-state-owned enterprises located in the central and western regions.
出处
《电子商务评论》
2024年第1期605-619,共15页
E-Commerce Letters
